Parallel Web Systems, an AI agent-tool startup established by former Twitter CEO Parag Agrawal, has secured a $100 million Series B funding round at a $2 billion valuation, led by Sequoia. Existing investors such as Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, and Terrain Capital also participated, the company announced.
This fundraising comes just five months after the startup revealed its $100 million Series A at a $740 million valuation, led by Kleiner and Index, bringing the total amount raised to $230 million.
Parallel provides a range of web search and research APIs tailored for AI agents and counts customers like Clay, Harvey, Notion, and Opendoor. It claims to serve banks and hedge funds as clients, though these have not been named.
Investor trust in Agrawal’s venture is likely satisfying after his tenure at Twitter concluded with a lawsuit. Elon Musk notably dismissed him and other top executives after acquiring Twitter. Agrawal and those execs sued, claiming Musk failed to pay the $128 million in severance they were owed. In October, Musk settled the case under undisclosed conditions.
Besides notable clients, Parallel shared with TechCrunch that over 100,000 developers are using its products.